Bloomberg News

Tibco U.S. Sales Head Is Said to Depart Amid Reorganization

June 28, 2012

Tibco Software Inc.’s head of U.S. sales, Robin Gilthorpe, has departed amid a reorganization at the maker of products for running corporate data centers, according to people with knowledge of the matter.

Executives were informed of the move today, said the people, who asked not to be identified because they aren’t authorized to speak about it. Gilthorpe, 44, was senior vice president in charge of Americas sales at Tibco, which sells software that knits together companies’ various applications.

Chief Executive Officer Vivek Ranadive said he’s “not satisfied” with Tibco’s performance in the Americas, and that the software maker is changing leadership there. He didn’t identify Gilthorpe. Companywide sales and earnings exceeded analysts’ estimates.

“We haven’t executed well in the United States,” Ranadive said. “We’re leaving money on the table right now, and I want to go pick it up.”

Sales in the second quarter rose 14 percent to $247.4 million, Palo Alto, California-based Tibco said today. That compares with $245.1 million, the average analyst estimate compiled by Bloomberg. (TIBX:US) Earnings excluding certain items were 26 cents a share, exceeding analysts’ 23-cent average estimate.

Sales for the third quarter, which ends in August, will be $255 million to $265 million, Tibco said on a conference call. That compares with $261.1 million, the average of analysts’ projections. Earnings per share will be 25 cents to 27 cents, excluding items, compared with the 27-cent average estimate.

High Expectations

“Management has pretty high internal expectations, presumably much higher than their external guidance suggests,” said Aaron Schwartz, an analyst at Jefferies & Co. in New York, who recommends buying Tibco shares.

Tibco shares climbed to $27.32 in late trading after earlier slipping (TIBX:US) less than 1 percent to $26.83 at the close today.

Gilthorpe had overseen sales and customer support for the U.S., Latin America and South America, a region that recorded $504.7 million in sales last year, or 55 percent of Tibco’s revenue, according to data compiled by Bloomberg.

Tiffany Anderson, a spokeswoman for Tibco, didn’t respond to requests for comment.

Gilthorpe worked for a Tibco predecessor company called Tibco Finance Technologies Inc. from 1993 to 1997 and returned in 2003, according to his LinkedIn profile.

To contact the reporters on this story: Aaron Ricadela in San Francisco at aricadela@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net


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Companies Mentioned

  • TIBX
    (TIBCO Software Inc)
    • $21.43 USD
    • -0.06
    • -0.28%
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